FB ROUNDUP: Helmut Jeggle, Hightower, Sir John Beckwith
Head of the BioNTech brothers' family office leaves to build his own business
Helmut Jeggle [pictured], the head of Thomas and Andreas Struengmann's family office Athos, has left to advance his own family office after purchasing stakes in firms alongside the twin brothers.
Having helped to oversee the Struengmann's $30.7 billion-strong holdings in healthcare, logistics and manufacturing, Jeggle's new family office, Salvia, invested in at least ten companies since 2020. Those investments include hearing-technology company Mimi and deep-tech outfit Zadient.
"I want to bring my own fingerprints to some new stories," said Jeggle.
Jeggle has a stake worth $350 million in BioNTech SE, the Covid-19 vaccine company where he's currently chairman. He continues to oversee a number of investments for the 71-year-old Struengmann brothers, including their stake in BioNTech, which makes up more than half of their wealth.
Jeggle initially invested $281,000 in BioNTech along with the Struengmanns and other investors as part of the vaccine company's seed funding in 2008. He sold part of his BioNTech stake, valued up to $49.2 million, in 2020 partially to fund Salvia's activities.
"BioNTech is a story I developed from Day 1," Jeggle said. "It was really interesting for me to go from being a typical back-office finance guy to getting involved in a family office of this size. After a couple of years, the family said, 'Okay, pharma is where we have our roots, so we want to stick in that area.'"
"We behave as we did before," Jeggle said of his ongoing relationship with the Struengmanns. "I came to them on [my] last day and said, 'By the way, this is my last day.' They said, 'No, we are not saying goodbye. It's a new address — nothing else.'"
Hightower expands family office offering with investment in ultra-high net worth business management firm.
American business advisory firm Hightower has made a strategic, empire-building investment in Los Angeles-based business management firm Grant Tani Barash & Altman.
Grant Tani Barash & Altman provides ultra-high net worth clients with personal chief financial officer services. The new partnership will give Hightower advisors across the United States direct access to sophisticated business management and family office services for their clients and families.
Founded in 1992, Grant Tani Barash & Altman has experience working with high-profile individuals, families and companies within the entertainment industry, as well as business owners across the US.
"Though Grant Tani Barash & Altman is a departure from our typical investment, we love the company and feel their philosophy of serving their clients in a comprehensive, holistic manner aligns exactly with our own approach," said Hightower chief executive officer and chairman Bob Oros [pictured]. "The principals have built a business with an impeccable reputation and will continue to run that business while also being able to leverage Hightower resources."
"As we work closely with Hightower, we are excited to have the opportunity to enhance our client experience through Hightower's technology, systems, and operations expertise," said Howard Altman, principal of Grant Tani Barash & Altman.
Hightower's current assets under administration are approximately $144 billion and its assets under management are $117.8 billion.
Sir John Beckwith's family office appoints Tim Eyles as chairman of asset management offshoot
Pacific Asset Management (PAM) — part of the Pacific Investments Group private family office established by Sir John Beckwith and Mark Johnson — has named Tim Eyles [pictured] as their new chairman.
London-based PAM, which is responsible for more than $3.7bn of assets, has appointed the former head of global professional services firm Taylor Wessing as he continues to hold a number of other chair positions, including corporate services provider Centralis Group, chair of clinical solutions provider Celsus and the Royal Society of Arts.
"To have someone of Tim's expertise and proven track record at PAM, shows how much it has matured as a business since it was established," said Matthew Lamb, CEO of Pacific Asset Management. "We have brought in exceptional talent, launched new funds, expanded our distribution and grown the team substantially in recent years.
"Tim's breadth of knowledge across sectors and experience of developing and guiding companies will be transformational as we move to the next stage of our growth."
"The business was founded on a platform of cutting-edge, institutional-quality technology, which makes it an incredibly exciting proposition in an industry which is often shackled by legacy systems," said Eyles. "The business is growing rapidly under a strong senior leadership team, and I look forward to working with them and the staff at Pacific Asset Management to deliver true value to their clients."
